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Specialty Animal Feed Additives Market size in North America to exceed $286mn by 2026
Published Date: March 30, 2020North America Specialty Animal Feed Additives Market size is set to surpass USD 286 million by 2026, according to a new research report by Global Market Insights Inc.
The demand for swine feed is expected to grow, owing to an increase in protein consumption in the North America region. Owing to these factors, the growth of the North America specialty animal feed additives market is expected to increase substantially over the forecast period. Increasing dairy profit margins with higher production rates and rising profitability will support the overall North American market growth. A strong demand for products to maintain the nutrition, energy, and overall functions of the poultry will positively influence the product penetration.
Rise in disease outbreaks in animals including swine flu, African swine fever (ASF), mouth & foot infections and bird flu has increased the concern among the consumers for quality and safety for meat and meat products. Recent epidemic outbreaks in the U.S. and Canada has increased the concern regarding the quality of meat. Moreover, factors such as growing use of animals in farming, rise in consumer awareness pertaining to extrinsic quality of meat will drive North America specialty animal feed additives industry.
The North America specialty animal feed additives market is not void of challenges. Rising cost of important raw materials, technological limitations and standardization issues may limit industry profitability. In addition, time-consuming and costly product testing, processing and approvals can inhibit business growth. However, aggressive strategies and market reforms by manufacturers along with supporting government schemes will boost product demand. Also, favorable regulatory guidelines by FDA, and AAFCO regarding GRAS approval and registration for feed additives accompanied with growing awareness among farmers and other manufacturers to maintain animal health and inhibit diseases may propel industry growth.
Browse key industry insights spread across 210 pages with 216 market data tables and 17 figures & charts from the report, “North America Specialty Animal Feed Additives Market Analysis By Product (Encapsulated Methionine, Sulfate based Minerals (Copper, Zinc, Manganese) , DCAD Products, Chromium Propionate, Tribasic Copper Chloride, Hydroxy Vitamin D), By Livestock (Poultry {Boilers, Layers, Turkey}, Aquaculture {Salmon, Trout, Shrimps}, Pork/Swine, Cattle {Dairy, Beef, Calf}, Pet), Industry Analysis Report, Country Outlook, Application Development, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/north-america-specialty-animal-feed-additives-market
“According to industry forecast, North America specialty animal feed additives industry from sulphate-based minerals segment will grow at the rate of 4.5% through 2025 owing to innovation in the marine ingredients market”
Sulfate based minerals occupy a larger share in the North American market
North America specialty animal feed additives market is segmented on the basis of product into encapsulated methionine, sulfate-based minerals, DCAD products, chromium propionate, tribasic copper chloride, and hydroxy vitamin D. Sulfate based minerals from copper, manganese, and zinc hold a substantial share over 88% in the North American market in 2019. Sulfate salts are perceived as major additive to limit the intake of feed in animals.
Copper sulfate is majorly utilized to enhance growth and reduce copper deficiency in animals. It acts as an important element playing a vital role in the physiology of animals during fetal growth and post-natal development. Sulphate based minerals such as zinc, copper and manganese function as an important immune booster. In zinc and copper deficiency, there is an increased risk of mastitis, metritis, and diarrhea in calves or locomotion problems.
“Market analysis exhibits that North America specialty animal feed additives will find enhanced penetration in the aquaculture segment owing to ethical issues in open-sea fishing practices”
Nutritional benefits will support market penetration in the aquaculture segment
Aquaculture additives help in maintaining immune resistance, improving growth performance and provides nutritional benefits. Fish nutritional deficiencies may lead to various diseases and reduces growth rate. Seafood is a good source of protein rich diet which has led to rise in demand for mollusks and fish. Increasing fish consumption along with consumer awareness towards health benefits driving aquafeed & aquaculture additives demand thereby promoting industry growth.
The proliferating aquaculture industry will offer growth prospects for the North America specialty animal feed additives market over the forecast period, with expected CAGR of over 4%. Increase in consumption of seafood along with rising product demand from fish feed producers will stimulate the overall market statistics over the projected period. Moreover, sustainable sourcing of seafood will further enhance market penetration in aquaculture. Due to disturbances in the marine ecosystem, artificial fish culturing has gained considerable ground in the food industry.
Cost-effectiveness of the inorganic trace minerals for livestock rearing will support market demand in Canada
As per industry reports total feed production in Canada was around 22 million tonnes in 2018. Changing consumer preferences regarding meat consumption is likely to remodel feed additives market in Canada. As meat demand will increase livestock producers will require more animal feed thus complementing feed additives demand simultaneously in the country. Advances in science, feed production practices and technology have necessitated the demand for new upgraded standards for feed industry in Canada.
Due to these authorities in Canada are working to replace and repeal current feed regulations with a system providing greater clarity, flexibility and transparency to industry participants. Owing to key manufacturers operating in Canada are in bottleneck situation as they might have to remodel their business operations as per the new updated standards.
Companies are strategizing to new partnerships to strengthen their foothold
Kemin Industries, Alltech, DSM, Nutreco, Evonik, Novus International, Cargill, Balchem Corporation and Adisseo are among some of the key manufacturers in the North America specialty animal feed additives market. To capture the market share, manufacturers are increasingly focusing on production capacity expansion, new product launch, mergers and acquisitions, and expansion of distribution network for expanding their geographic foothold.
For instance, in April 2019 Evonik announced to launch a strategic partnership with Halchemix Canada for the distribution and promotion of Evonik’s rumen-protected methionine product Mepron that helps to boost milk production and reduce feed costs for the dairy industry. This strategy will help Evonik to enhance its market share and reach in the Canadian animal feed additives market.